Correlation Between Fujian Anjoy and Dosilicon
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By analyzing existing cross correlation between Fujian Anjoy Foods and Dosilicon Co, you can compare the effects of market volatilities on Fujian Anjoy and Dosilicon and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fujian Anjoy with a short position of Dosilicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Dosilicon.
Diversification Opportunities for Fujian Anjoy and Dosilicon
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fujian and Dosilicon is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Dosilicon Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dosilicon and Fujian Anjoy is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fujian Anjoy Foods are associated (or correlated) with Dosilicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dosilicon has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Dosilicon go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Dosilicon
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Dosilicon. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Anjoy Foods is 2.11 times less risky than Dosilicon. The stock trades about -0.23 of its potential returns per unit of risk. The Dosilicon Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,476 in Dosilicon Co on November 4, 2024 and sell it today you would lose (6.00) from holding Dosilicon Co or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Dosilicon Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Dosilicon |
Fujian Anjoy and Dosilicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Dosilicon
The main advantage of trading using opposite Fujian Anjoy and Dosilicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Dosilicon can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Dosilicon will offset losses from the drop in Dosilicon's long position.| Fujian Anjoy vs. Omnijoi Media Corp | Fujian Anjoy vs. Shanghai Action Education | Fujian Anjoy vs. Time Publishing and | Fujian Anjoy vs. Qtone Education Group |
| Dosilicon vs. Emdoor Information Co | Dosilicon vs. Touchstone International Medical | Dosilicon vs. Invengo Information Technology | Dosilicon vs. Northking Information Technology |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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